3 ms·
The OP's author is at the beginning of the path towards understanding that Nash Equilibria are everywhere in the economy. I say this because the OP doesn't real
by cs702 11mo ago
The OP's author is at the beginning of the path towards understanding that Nash Equilibria are everywhere in the economy. I say this because the OP doesn't realize that's what he's talking about: Nash Equilibria.
A company's strategy, tactics, and individual decisions are always constrained by its competitors, customers, societal laws and norms, etc. For example, if a company faces a competitor that is grabbing market share by offering a cheaper product that is slightly worse, the company may have no choice but to lower the quality of its products so it can compete successfully.